Investigation Leads to Arrest of Former Oklahoma Insurance Agent

September 25, 2014

An investigation by the Oklahoma Insurance Department’s Anti-Fraud Unit has led to the arrest of former insurance agent Nathan Sullivan, Jr., 47. Sullivan is accused of defrauding a Weatherford woman out of more than $30,000 and leaving her with a substantial tax burden, the department reported.

The victim contacted the Oklahoma Insurance Department (OID) in March after discovering unauthorized charges on her bank statement. The charges were for insurance premiums dating back to Feb. 2012. After obtaining the policy paperwork, investigators discovered the victim’s signature had been forged. Sullivan, who was the victim’s insurance agent at the time, received commissions for the unauthorized sales. A review of all the victim’s accounts revealed more than a dozen different forgeries of her signature resulting in losses of over $30,000.

During the same time period, the victim said Sullivan convinced her to cash an IRA and purchase an inappropriate annuity product that left her with a tax burden of approximately $50,000.

Sullivan fled to Virginia but has been arrested. He is charged with one count of exploitation of an elderly person, punishable by a fine of up to $10,000 and/or up to 10 years imprisonment. Sullivan is in the process of being extradited back to Oklahoma. The investigation is ongoing and could result in additional charges.

“This arrest was definitely a team effort. We really appreciate the hard work of the Virginia State Police, the Kansas Department of Insurance and Weatherford Police Department,” Oklahoma Insurance Commissioner John Doak said.

After OID’s Consumer Assistance Division contacted the insurer, the company reimbursed the victim for her premium losses and surrender fees. She still faces a $50,000 tax burden.

Source: Oklahoma Insurance Department

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